Explain different financial and non-financial incentives used to motivate employees of a company?
Financial incentives, which are in direct monetary from or measurable in monetary incentive. It includes basic pay, dearness allowance, house rent allowance, etc. some organisations provide pay hikes and increments for better performance.
The different financial incentive plans to motivate employees are:
Pay and allowance: For every employee, salary is the monetary incentive. It includes basic pay, dearness allowance, house rent allowance, etc. some organisations provide pay hikes and increments for better performance.
Productivity linked wage incentives: In this incentive, rewards are given to employees as a percentage of sales achieved. Its advantage is that reward is directly related to performance.
Bonus: It is a one time reward for high performance. Bonus may be paid in cash or kind over and above the salary. E.g. performance bonus, 100% attendance bonus, festive bonus etc.
Retirement benefits: Several retirement benefits such as provident fund, pension, and gratuity are provided to the employees as a financial security after retirement.
Perquisites: Apart from basic salary, some companies offer fringe benefits and perquisites to employees, e.g. perks like rent free accommodation, education of children, medical allowance, car allowance, etc to motivate their staff.
Non-financial incentives: All the needs of individuals are not satisfied by money alone. Psychological, social and emotional factors also play an important role in motivating employees. The incentives which are provided to satisfy these needs are termed as non-financial incentives. Some of the important non-financial incentives are listed below:
Status: In business terms, status means ranking of positions in the organisation. The authority, responsibility, rewards, recognition, perquisites and prestige of a job indicate the status given to a person holding a managerial position. It satisfies the psychological and social needs of an individual.
Job enrichment: It is concerned with designing of jobs that include a greater variety of work content, requiring a higher level of knowledge and skill. This provides opportunity for growth and development of an employee on one hand and more autonomy and responsibility on the other, which becomes a source of motivation to the individual.
Job security: It ensures stability of income and work, which motivates an individual to work with great zeal. However, it has one negative aspect that is it makes individuals feel that they are not likely to lose their job and hence may become complacent and careless.
Employee participation: It means involving employees in decision making regarding the issue related to them. E.g. encourage participation in joint management committees, etc.
Employee empowerment: It means giving more autonomy and power to subordinates. It makes people feel that their jobs are important, as a result of which, they contribute positively to the use of skills and talents in the job performance.
Explain the qualities of a good leader? Do the qualities alone ensure leadership success?
Explain the process of motivation with the help of a diagram.
In an organisation, one of the departmental manager is inflexible and once he takes a decision, he does not like to be contradicted. As a result, employees always feel they are under stress and they take least initiative and fear to express their opinions and problems before the manager. What is the problem in the way authority is being used by the manager?
A reputed hostel, Gyan Pradhan provides medical aid and free education to children of its employees. Which incentive is being highlighted here? State its category and name any two more incentives of the same category.
In an organisation all the employees take things easy and are free to approach anyone for minor queries and problems. This has resulted in everyone taking to each other and thus resulting in inefficiency in the office. It has also resulted in loss of secrecy and confidential information being leaked out. What system do you think the manager should adopt to improve communication?
The workers always try to show their inability when any new work is given to them. They are always unwilling to take up any kind of work. Due to sudden rise in demand a firm wants to meet excess orders. The supervisor is finding it difficult to cope up with the situation. State the element of directing that can help the supervisor in handling the problem.
Discuss Maslow’s Need Hierarchy theory of motivation.
What are semantic barriers of communication?
Explain any three principles of Directing.
What are the common barriers to effective communication? Suggest measures to overcome them.
How does planning provide direction?
What is meant by staffing?
Identify the network of social relationships which arises spontaneously due to interaction at work.
State the meaning of controlling.
What is meant by capital structure?v
What is meant by management?
What is a Treasury Bill?
State any two advantages of branding to marketers of goods and services?
What makes principles of management flexible?
Under which consumer right does a business firm set up consumer grievance cell?
What is the jurisdiction of cases that can be filed in a State Commission?
Why is understanding the business environment crucial for managers?
Discuss the relevance of Taylor and Fayol’s contribution in the contemporary business environment.
How does branding help in differential pricing?
A company manufacturing sewing machines set up in 1945 by the British promoters follows formal organisation culture in totality. It is facing lot of problems in delays in decision making. As the result it is not able to adapt to changing business environment. The work force is also not motivated since they cannot vent their grievances except through formal channels, which involve red tape. Employee turnover is high. Its market share is also declining due to changed circumstances and business environment. You are to advise the company with regard to change it should bring about in its organisation structure to overcome the problems faced by it. Give reasons in terms of benefits it will derive from the changes suggested by you.
Differentiate between Money Market and Capital Market.
What are the major components of the business environment?
Why is recruitment an important step in staffing?
A firm plans in advance and has a sound organisation structure with efficient supervisory staff and control system but on several occasion it finds that plans are not being adhered to. It leads to confusion and duplication of work. Advise remedy.
Explain the significance of technological advancements in shaping the business environment.